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Banking group drafts guidelines for online theft compensation

July 4, 2014

Japan's top banking industry group has drafted new guidelines on how banks should compensate companies, especially small and midsize ones, for damage from online money theft, sources familiar with the matter said Saturday.

The draft guidelines, scheduled to be released after being formally approved by the Japanese Bankers Association on July 17, stipulate that banks will consider paying compensation if companies that suffer from online theft took necessary countermeasures, they said.

The recommended countermeasures include using security software, shunning computer operating systems whose support has already ended, and changing passwords for online banking on a regular basis, they said.

Online theft damage so far this year amounted to 1.4 billion yen as of May 9, eclipsing the amount for the whole of last year. Damage to companies reached about 480 million yen, a fivefold increase from last year.

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Source: Japan Economic Newswire

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